Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is accelerating, with significant advancements in lithium metal anode technology by companies such as Yingliang Co. and Tiantian Technology, indicating the potential of this technology direction [1][2][4] - The research team led by Professor Ouyang Chuying published findings in *Nature Nanotechnology*, demonstrating improved cycling performance of lithium metal anode batteries through optimized electrolyte formulations, providing theoretical support for commercialization [1][5] Key Developments - Recent breakthroughs in lithium metal anode solid-state batteries have been achieved in downstream applications and commercialization, with industry players working to overcome technical challenges and promote product upgrades [1][6] - The lithium metal anode has a promising application outlook, with significant performance improvement potential, as the industry and academia invest heavily in this area, aiming to enhance energy density to over 400 Wh/kg [1][7] Company-Specific Progress - Yingliang Co. systematically introduced its lithium metal anode research progress to the market in mid-May, showcasing its achievements and future directions [2][3] - Tiantian Technology announced a strategic cooperation agreement with Shenzhen New Energy to advance the development of lithium metal anodes [2][4] - Investment opportunities in the solid-state battery sector include lithium metal anodes, electrolyte additives, equipment manufacturers, and core lithium battery material companies like Ganfeng Lithium and Xiamen Tungsten [3] Academic Research Breakthroughs - The research by Professor Ouyang's team significantly increased the cycling life of lithium metal anode batteries from approximately 200 cycles to around 500 cycles, addressing issues of instability and low cycling counts [5] Commercialization Progress - The commercialization of lithium metal anode solid-state batteries is steadily advancing, with industry players collaborating to tackle technical hurdles and achieve product iterations [6] Performance Improvement Directions - Key directions for improving lithium metal anode performance include enhancing the materials themselves and optimizing the electrochemical system, with companies like CATL focusing on new material additions to mitigate LiFSI decomposition [8][9] Innovations in Production Processes - Innovations in lithium metal anode production processes include traditional pressing methods and vacuum deposition techniques, which enhance product quality and stability [10][12] Investment Opportunities - Notable investment opportunities in the solid-state battery sector include companies making significant progress, such as Yingliang Co., Tiantian Technology, Ganfeng Lithium, and Tianqi Lithium, as well as those focused on new electrolyte additives [14][15] - Investors are advised to focus on lithium metal anodes and electrolyte additives, with companies like Ganfeng Lithium being highlighted for their potential [16][18] Future Trends - The solid-state battery industry is expected to witness significant developments in the coming months, with core companies like Xiamen Tungsten and Sanxiang New Materials anticipated to perform well due to their market recognition and stock price elasticity [17]

Group 1 - The top three companies with the highest short positions as of May 30 are WuXi AppTec (02359), Ganfeng Lithium (01772), and Vanke Enterprises (02202), with short ratios of 18.00%, 12.91%, and 12.55% respectively [1][2] - The companies with the largest absolute increase in short positions are CATL (03750), Chongqing Rural Commercial Bank (03618), and Suoteng Juchuang (02498), with increases of 5.21%, 2.72%, and 1.58% respectively [1][2] - The companies with the largest absolute decrease in short positions are COSCO Shipping Energy (01138), Shanghai Pharmaceuticals (02607), and Rongchang Biologics (09995), with decreases of -4.81%, -3.64%, and -0.78% respectively [1][3] Group 2 - The top ten companies with the highest short ratios include Shandong Gold (01787) at 12.46%, COSCO Shipping Holdings (01919) at 12.39%, and CATL (03750) at 11.89% [2] - The companies with the most significant increase in short ratios include CATL (03750) from 6.68% to 11.89%, Chongqing Rural Commercial Bank from 4.46% to 7.19%, and Suoteng Juchuang (02498) from 1.51% to 3.09% [2] - The companies with the most significant decrease in short ratios include COSCO Shipping Energy (01138) from 10.90% to 6.08%, Shanghai Pharmaceuticals (02607) from 6.49% to 2.85%, and Rongchang Biologics (09995) from 5.37% to 4.59% [3][4]

Group 1 - The event aimed to address issues in the six major industrial chains in Xinyu, including incomplete standard systems and insufficient quality infrastructure [1][2] - Experts from Jiangxi Provincial Quality Standard Institute provided guidance on enterprise standards, encouraging companies to align with advanced domestic and international standards [1] - Participating companies expressed the training's practical value and intention to apply learned knowledge to enhance product quality and standardization levels [1] Group 2 - The market regulatory bureau and experts conducted on-site research at companies like Ganfeng Lithium and Xinyu Guoke to understand their standardization efforts [2] - Challenges faced by enterprises included long international standard formulation cycles and difficulties in establishing provincial standard innovation bases [2] - The regulatory bureau plans to continue promoting standardization activities and encourage capable companies to participate in national and international standard formulation [2]

Core Viewpoint - The global lithium battery industry is undergoing a significant transformation, moving away from a period of rapid growth to a phase of contraction, particularly as it approaches 2024, indicating an unprecedented downturn in the sector [1]. Industry Overview - Over the past two decades, China's lithium battery sector has achieved substantial breakthroughs in technology innovation, globalization, and industry investment, capturing a dominant global market share in various key areas, including approximately 70% of global power battery shipments and over 90% of energy storage battery shipments [1]. - The lithium battery industry is now facing a downturn, with a reported 11.87% decline in overall revenue for 108 Chinese lithium battery companies in 2024 compared to the previous year, alongside a staggering 67.27% drop in net profit [1][3]. Financial Performance - Key financial metrics for 2024 include: - Total assets: 29,092.41 million, up 6.17% year-on-year - Total liabilities: 16,721.07 million, up 7.31% year-on-year - Operating revenue: 13,028.84 million, down 11.87% year-on-year - Net profit attributable to shareholders: 651.92 million, down 67.27% year-on-year - Net financing cash flow: 210.20 million, down 81.91% year-on-year [3]. Market Dynamics - Major players in the industry, including CATL, Ganfeng Lithium, and Tianqi Lithium, are experiencing significant revenue declines, with CATL reporting a 9.7% drop in revenue for 2024, and other companies seeing declines of over 50% in their lithium product revenues [4][5]. - The global lithium battery landscape is shifting, with even leading companies facing severe impacts, as evidenced by the financial struggles of major Korean battery manufacturers and the bankruptcy filing of Ambri Inc. in the U.S. [5][6]. Investment Trends - The investment landscape is changing, with a notable halt or delay in large-scale lithium battery projects. Over 30 lithium battery business terminations have been reported in 2023 alone, involving investments exceeding 100 billion yuan [9]. - The global lithium battery industry is witnessing a retreat from previous aggressive expansion, with significant projects being canceled or postponed, such as LG Group's withdrawal from a planned electric vehicle battery ecosystem in Indonesia [9][10]. Future Outlook - The lithium battery industry is entering a new phase characterized by competition based on technological strength and operational efficiency rather than mere expansion. Companies that can demonstrate continuous innovation, effective capacity management, and strong financial health are likely to thrive in this evolving landscape [11].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Due to domestic new - energy vehicle countryside promotion and 618 promotion policies, the domestic lithium carbonate social inventory has been continuously decreasing. However, because of the decreasing domestic lithium carbonate production cost and the loosening supply - demand expectation, the lithium carbonate price may be strong first and then weak. It is recommended that investors mainly conduct range operations, paying attention to the support level around 55,000 - 58,000 and the pressure level around 63,000 - 65,000 [1][4] - The lithium carbonate basis is positive and the monthly spread is positive, and both are basically in a reasonable range. This is due to the promotion of new - energy vehicles in the countryside in China, the initial decline of domestic lithium carbonate social inventory, the decreasing lithium ore price leading to the downward shift of production cost, and the loose supply - demand expectation of domestic lithium carbonate in June. It is recommended that investors temporarily wait and see the arbitrage opportunities of lithium carbonate basis and monthly spread [5][7] 3. Summary According to Related Catalogs Supply Side Lithium Ore and Lithium Concentrate - The price of domestic (imported) lithium ore has been oscillating downward (decreasing). Tianqi Lithium's Greenbushes lithium mine's 520,000 - ton wet - process project may be put into production in October 2025, and the total capacity will reach 2.14 million tons/year, which will lead to the oscillating decline (decrease) of the price of domestic (imported) lithium ore. The domestic lithium concentrate production (import) volume in June may increase (decrease) month - on - month [8][10][13] Lithium Carbonate - The production volume of domestic lithium carbonate (industrial and battery - grade) in June may increase (both increase) month - on - month, and the supply expectation is loose. Yabao's Chengdu lithium salt production line will start maintenance before June 2025. Guangdong Haohai Lithium's 6,000 - ton battery - grade lithium carbonate production capacity may be put into production in July 2025, and Zijin Liyuan's 25,000 - ton production capacity for preparing battery - grade lithium carbonate from crude carbon will be completed and put into production in December 2025. The import window is closed, but Ganfeng Lithium's 20,000 - ton lithium chloride production capacity project in the Mariana lithium salt lake in Argentina was officially put into production in February, which may lead to the month - on - month increase of China's lithium carbonate import volume in June [3][29][36] - The cash production cost of producing lithium carbonate from imported lithium spodumene and lithium mica concentrate is about 65,500 and 65,600 yuan/ton respectively, resulting in negative production profit. The quarterly production profit of producing lithium carbonate from lithium mica/lithium spodumene/salt lake integration is negative/positive/positive. The daily theoretical delivery and import profit of Chinese lithium carbonate are both negative [21][23][25] - The capacity utilization rate (production volume) of Chinese lithium carbonate has increased (increased) compared with last week, and the social inventory of Chinese lithium carbonate has decreased compared with last week. The daily theoretical delivery profit of Chinese lithium carbonate is negative, which makes the inventory of Guangzhou Futures Exchange's lithium carbonate decrease compared with last week [27][30][32] Lithium Hydroxide - The daily cash production cost of Chinese smelting (causticizing) method lithium hydroxide is 58,600 (64,600) yuan/ton, and the production profit is positive (negative). The monthly processing fee from coarse - grained to micron - sized lithium hydroxide has decreased. Hainan Mining's 20,000 - ton lithium hydroxide smelting capacity passed the sampling inspection of the first batch of products in May, and Yahua Group plans to build a 30,000 - ton lithium hydroxide production line before the end of 2025. The production volume of Chinese lithium hydroxide (smelting and causticizing methods) in June may decrease (decrease for smelting, increase for causticizing) month - on - month, the inventory (of smelters and downstream) in June may increase (increase for smelters, decrease for downstream) month - on - month, and the export volume in June may increase month - on - month because the daily export profit is negative [38][40][49] Demand Side Downstream Products of Lithium - The monthly average production cost of Chinese iron phosphate is 11,000 - 13,000 yuan/ton. The production volume (inventory) of Chinese iron phosphate in June may increase (decrease) month - on - month. The monthly average production cost of Chinese iron phosphate lithium from different production processes is 32,000 - 41,000 yuan/ton, and the inventory of Chinese iron phosphate lithium factories has decreased compared with last week. The production volume of Chinese iron phosphate lithium (iron manganese phosphate lithium) in June may increase (both increase) month - on - month [55][65][69] - The monthly production cost of producing nickel sulfate from MHP/high - grade nickel matte integration in Indonesia is 114,500/121,800 yuan/ton of nickel, and the production profit is positive. The production (import) volume of Chinese nickel sulfate in June may increase (decrease) month - on - month. The production volume of Chinese cobalt - acid lithium in June may decrease month - on - month, and the production volume of Chinese manganese - acid lithium in June may increase month - on - month [4][72][74] - The monthly production cost of producing ternary precursor from externally purchased raw materials is 83,000 yuan/ton, and the production profit is negative. The production volume of Chinese ternary precursor in June may decrease month - on - month, and the export volume may increase month - on - month. The monthly processing fee of Chinese ternary materials has decreased month - on - month. The monthly average production cost of polycrystalline consumer - type 5 - series ternary materials is 114,300 yuan/ton, and the production profit is negative. The inventory of Chinese ternary material factories has decreased compared with last week, which may lead to the month - on - month increase of the production volume of Chinese ternary materials in June [84][95][98] - The daily production profit of producing solid - state lithium hexafluorophosphate from externally purchased lithium fluoride is negative. The production (export) volume of Chinese lithium hexafluorophosphate in June may increase (both increase) month - on - month [104][106][108] Batteries and New - Energy Vehicles - The weekly production cost of various types of Chinese battery cells has decreased. The production (shipment and inventory) volume of Chinese energy - storage battery cells in June may increase (all increase) month - on - month, and the production (shipment and inventory) volume of Chinese power battery cells in June may increase (all increase) month - on - month. Zhejiang Jiaxing Aolifu Photovoltaic Technology's 2GWh iron phosphate lithium energy - storage battery manufacturing project in Heilongjiang may be put into production at the end of October 2025 [112][115][117] - The production (sales) volume of Chinese new - energy vehicles in June may increase (both increase) month - on - month [127][129]

证券代码：002460 证券简称：赣锋锂业 编号：临2025-072 江西赣锋锂业集团股份有限公司 关于担保额度调剂及为控股子公司提供担保的进展公告 本公司及其董事会全体成员保证公告内容真实、准确和完整，无 虚假记载、误导性陈述或者重大遗漏。 一、担保调剂和担保情况概述 （一）担保审批情况与担保调剂 1、江西赣锋锂业集团股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日召开第五届董事会第七十五次会议、于 2024 年 6 月 25 日召开 2023 年年度股东大会审议通过了《关于公司及子公司对外担 保额度预计的议案》。同意公司向子公司提供连带责任保证担保额度 合计人民币 1,355,000 万元，同意子公司向子公司提供连带责任保证 担保额度 705,000 万元，两项合计担保总额 2,060,000 万元（已抵消 原有的担保）。本次担保额度在公司股东大会审议通过此议案之日起 12 个月内有效。授权公司经营层在本议案额度内代表公司办理相关 手续，并签署相关法律文件。（详见公告编号：2024-018、2024-051） 公司控股子公司江西赣锋锂电科技股份有限公司（以下简称"赣 锋锂电"）对其控股子 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 江西贛鋒鋰業集團股份有限公司 呈交日期: 2025年6月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 002460 | 說明 | | A股 (深圳證券交易所) | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,613,593,699 | RMB | | 1 RMB | | 1,613,593,699 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,613,593,699 | RMB | | 1 RMB | | 1,613,593,699 | 截至月份: 2025年5月31日 狀態: 新提交 | 2. 股份分 ...

Investment Rating - The investment rating for the non-ferrous metals sector is "Positive" (maintained) [5] Core Viewpoints - Copper prices are fluctuating within a narrow range, awaiting further macroeconomic catalysts. The weekly changes in copper prices are -0.05% for London copper, -0.24% for Shanghai copper, and -3.35% for New York copper. Domestic copper inventory has increased by 7.2% to 106,000 tons [5][22] - Aluminum prices are stable with ongoing inventory depletion. The price of alumina has risen by 2.95% to 3,320 CNY/ton, while electrolytic aluminum prices have decreased by 0.40% to 20,100 CNY/ton [5][31] - Lithium prices continue to decline, with carbonate lithium down 3.73% to 60,700 CNY/ton. The supply side has not shown significant production cuts yet, which is a major factor suppressing lithium prices [5][72] - Cobalt prices remain under pressure due to weak demand, with potential policy changes in the Democratic Republic of Congo that could create rebound opportunities [5][84] Summary by Sections 1. Industry Overview - The non-ferrous metals sector has underperformed, with the Shenwan non-ferrous index down 2.40%, lagging behind the Shanghai Composite Index by 2.38 percentage points [11] - The sector's PE_TTM is 17.86, down 0.50 from the previous week, while the PB_LF is 2.05, down 0.06 [17][20] 2. Industrial Metals 2.1 Copper - London copper prices decreased by 0.05%, while Shanghai copper prices fell by 0.24%. London copper inventory dropped by 9.02%, while Shanghai inventory increased by 7.22% [22] 2.2 Aluminum - London aluminum prices increased by 0.02%, while Shanghai aluminum prices decreased by 0.40%. The inventory of both London and Shanghai aluminum has decreased [31] 2.3 Lead and Zinc - London lead prices fell by 1.29%, and Shanghai lead prices decreased by 0.92%. London zinc prices dropped by 0.67%, while Shanghai zinc prices fell by 0.07% [42] 2.4 Tin and Nickel - London tin prices decreased by 6.80%, and Shanghai tin prices fell by 4.45%. Nickel prices also saw a decline [57] 3. Energy Metals 3.1 Lithium - Lithium carbonate prices fell by 3.73% to 60,700 CNY/ton, with lithium demand currently in a seasonal downturn [72] 3.2 Cobalt - Domestic cobalt prices decreased by 1.68% to 234,000 CNY/ton, with potential for policy changes in the DRC to impact future prices [84]

Core Viewpoint - The lithium price decline has slowed down in Q1 2025, leading to a slight recovery in overseas lithium mine prices and improved operations for salt lake companies, but the industry is facing significant losses as prices drop to 60,000 yuan/ton [1] Group 1: Lithium Market Dynamics - In Q1 2025, overseas lithium mine production decreased, with a total output of 1.01 million tons, a decline of over 10% quarter-on-quarter [2] - Major lithium mines saw a slight price recovery in Q1 2025, with average prices rising above $800/ton, driven by strong demand in the Chinese market [2] - The price of lithium concentrate has entered a new downward trend since Q2 2025, dropping below $650/ton by the end of May, leading to increased operational pressure and losses for overseas lithium miners [3] Group 2: South American Salt Lake Operations - In Q1 2025, lithium sales for ALB, SQM, and LAAC/Ganfeng Lithium were 44,000 tons, 55,000 tons, and 7,200 tons respectively, with year-on-year growth of 6%, 26%, and 60% [4] - ALB and SQM showed improved operational performance in Q1 2025 due to reduced price declines and increased contributions from other business segments [4] - South American salt lake lithium companies are continuing their expansion plans, with LAR and Ganfeng Lithium aiming to increase their lithium production capacity in Argentina to over 200,000 tons [4] Group 3: Supply and Price Outlook - As of the end of May 2025, domestic lithium carbonate prices fell to 60,000 yuan/ton, further expanding industry losses and strengthening expectations for mine production cuts and price rebounds [5] - The company expects lithium prices to stabilize and rebound at current levels, but long-term prices are anticipated to remain at the bottom due to oversupply and cost-cutting efforts by lithium resource companies [5] - The adjusted forecast for lithium prices in the second half of 2025 is set at 60,000 to 70,000 yuan/ton [5]

Core Viewpoint - The lithium battery industry is experiencing a recovery in orders, particularly in the energy storage sector, with a global trend towards large-scale energy storage following the European household storage boom [1] Group 1: Industry Trends - The rapid development of AI is increasing the energy consumption burden on the global power industry due to the high energy requirements of hardware, model building, data centers, and temperature control systems [2] - The scale of energy storage is expected to grow significantly, driven by the high growth rates in the sales of new energy vehicles in China, with Q1 2023 showing approximately 50% and 47% growth in production and sales respectively [3] - Two new sectors are emerging as opportunities in the battery industry: data center energy storage, with over 150 new computing center projects this year, and the robotics sector, where 15 companies are already involved [4] Group 2: Company Performance - In Q1 2023, major battery manufacturers showed varied performance, with CATL, EVE Energy, and others reporting positive growth, while Ganfeng Lithium faced losses but saw a significant narrowing of those losses [6][7] - CATL continues to lead the industry with record battery sales and successful bids for large energy storage projects, such as a 19GWh project in the UAE [7] - EVE Energy is maintaining a steady growth strategy, focusing on both power and energy storage batteries without major disruptions [7] - Guoxuan High-Tech is expanding aggressively overseas, with significant revenue growth from international markets [8] - Despite challenges, companies like Dofluorid and others are adapting by diversifying their product offerings and improving profitability [8] Group 3: Competitive Landscape - The overall battery market in Q1 2023 showed positive trends, with increasing sales in both power and energy storage batteries, and a shift in supply-demand dynamics leading to inventory clearance [11] - The market is expected to undergo significant adjustments in 2024, with intensified competition and rapid product innovation across various battery types [11] - The demand for lithium resources is stable domestically, but cobalt prices may rise due to export restrictions from the Democratic Republic of Congo, while nickel resources remain a concern due to high external dependency [12] - The competition in the energy storage sector is likely to be global, with companies leveraging emerging markets such as AI, XR, robotics, and drones [12]